Orlando Hernandez agreed to terms of a guaranteed one-year, $500,000 contract yesterday morning. A physical is scheduled for tomorrow. Pending a clean bill of health, Hernandez will be added to the Yankees 40-man roster early this week.

He will continue rehabilitation on his shoulder in Florida and won’t be ready until May or June, his agent, Jeff Moorad, told The Post.

“Duque will continue to be as patient and deliberate as he has been to this point,” Moorad said. “Although he’s very excited to be joining the Yankees, he knows it’s in his interest and the team’s to take it one step at a time.

“No one’s expecting miracles.”

El Duque has a chance to earn more than double his guaranteed contract if he can remain healthy and find a niche on the Yankees’ staff. He’ll earn $3,000 for every day he’s on the active roster, which could net him a maximum of approximately $520,000. Hernandez will earn $45,000 for each start and $12,500 for each relief appearance.

The Red Sox and two other teams were in pursuit until the end, Moorad said. But the Yankees were the sentimental favorite and the highest bidder. Moorad finalized the deal from California on a conference call with his assistants, Greg Genske and Orlando Cepeda Jr.